BY: FELISHA KAPIPI
NSLS Chief Executive Officer John Solok presented the overrall performance of NSLS and commended his team nationwide for achieving this milestone achievement.
“On behalf of the board, we did exceptionally well and made a net profit of K2.8million for 2023. We have seen a significant growth rate of 51%. That is an assessment of hard work and dedication of our team as well as the trust and support of our valued members,” Solok said.
In addition to the strong profit net growth which resulted in a K16.4 million net asset, NSLS is pleased to announce that their member savings has increased by a massive 17%.
“2023 was a special year when NSLS crossed over the K100million threshold. We achieved 17.7% which gives the K116m deposit rate. We have also achieved a remarkable 23% increase and that reflected in the K59.7 million loans paid to members.”
He further attributed the growth to the competitive rate in the interest of members.
He said NSLS has seen continuous growth which is a massive turn around apart from that simple fast customer service we offer.
NSLS had a 21% increase in membership growth by the end of 2023 which made NSLS the fastest growing savings and loans society in PNG.
The chairman thanked the board and management and the staff of NSLS for the day to day grind for driving the business forward.
